The Nigerian government is gearing up to implement fresh regulations that will prohibit the use of peer-to-peer (P2P) cryptocurrency exchanges with the country’s official currency, the Nigerian naira.
As per a report by Bloomberg on May 7, the Securities and Exchange Commission (SEC) of Nigeria is on the verge of introducing a new regulatory framework for crypto exchanges, custodians, and other entities operating in the industry. The SEC’s Director General, Emomotimi Agama, has stated that the objective of these regulations is to remove the naira from P2P exchanges in order to safeguard the local currency from manipulation.
This development comes on the heels of a local ban imposed on Binance, a prominent global cryptocurrency exchange, as well as the subsequent arrests of its executives, Tigran Gambaryan and Nadeem Anjarwalla, in Nigeria in February 2024. Gambaryan, who is currently detained at the Kuje correctional center in Abuja, Nigeria’s capital, is slated to stand trial on May 17. He faces charges relating to tax evasion, currency speculation, and money laundering.
This story is still unfolding, and additional information will be provided as it becomes available.